NATIONAL REAL ESTATE EXAM PRACTICE TEST
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1. In most cases, broker compensation, as a per- 5-7%
centage of home price, falls somewhere be-
tween:
2. A Christian organization owns a fourplex. It Yes. Religious organizations which
wants to rent to only Christian tenants. Under the rent to tenants for residential pur-
federal Fair Housing Act, is this legal? poses are exempt from the Fair
Housing Act
3. What happens to trade fixtures after a business The tenant removes their trade fix-
moves out of a leased property? tures and takes them upon mov-
ing out.
4. Suppose that a borrower has a gross month- $280
ly income of $3,000 and wants to qualify for a
conforming loan (total debt service ratio of 36%)
with a monthly PITI payment of $800. What is
the maximum amount of additional long-term
obligations this borrower may have after PITI?
5. A square bedroom measures 10 feet by 10 feet. 100 square feet
What is the area of the room?
6. Which of these is an economic characteristic that situs
makes land a distinctive commodity?*
7. In a fixed-rate mortgage that is fully amortized, predetermined
the total amount of interest to be paid is:
8. Which is exempt from the federal Fair Housing renting a room in a house occu-
Act? pied by the owner
9. The Americans with Disabilities Act applies to:
, NATIONAL REAL ESTATE EXAM PRACTICE TEST
Study online at https://quizlet.com/_8c9227
privately owned or govern-
ment-owned public accommoda-
tions
10. Condemnation is the act of seizing private prop- eminent domain
erty from citizens. What gives the government
the right to do this?
11. The PHYSICAL characteristics of land are that immobile
land is indestructible, non-homogenous, and:
12. Which statement BEST defines the term contin- stipulation that must be satisfied
gency? before the contract can be per-
formed
13. If a borrower is behind on payments, the acceler- call the entire loan balance due
ation clause gives the lender the ability to: immediately
14. A metes and bounds legal description always re- the point of beginning
turns to:
15. What should a license holder do if a client in- advise the client they cannot legal-
structs them to do something that would dis- ly discriminate against certain
criminate against a protected class? groups
16. What is a novation? the substitution of one contract for
another
17. A married couple bought a home ten years ago $50,000
for $400,000. Their neighborhood has rapidly
grown in popularity, and they were able to sell
their home this year for $950,000. How much of
that money will they be required to pay capital
gains tax on?
, NATIONAL REAL ESTATE EXAM PRACTICE TEST
Study online at https://quizlet.com/_8c9227
18. Which element of a valid contract states that the lawful objective
contract cannot require any illegal activities or
outcomes?
19. Deanna wants to sue her real estate agent, but statute of limitations
finds out that she has no legal recourse because
too many years have passed since the offending
incident. What is this an example of?
20. Pedro bought his house for $370,000. The as- $6,887.50
sessed value is $290,000. If the tax rate for Pe-
dro's county is 2.375%, what will he pay in ad
valorem taxes this year?
21. A potentially valid contract in which at least one voidable
party has the option to rescind is described as:
22. When you're talking about mortgages, what is points
another name for an origination fee?
23. Both parties involved in an agency agreement mutual rescission
agree to end the agreement early. What is this
called?
24. What does a standard title insurance policy do?* protects against any defects dis-
covered in the title after closing
25. Which term describes the transfer of property voluntary alienation
from the current owner to another party by sale
or gift?*
26.
Study online at https://quizlet.com/_8c9227
1. In most cases, broker compensation, as a per- 5-7%
centage of home price, falls somewhere be-
tween:
2. A Christian organization owns a fourplex. It Yes. Religious organizations which
wants to rent to only Christian tenants. Under the rent to tenants for residential pur-
federal Fair Housing Act, is this legal? poses are exempt from the Fair
Housing Act
3. What happens to trade fixtures after a business The tenant removes their trade fix-
moves out of a leased property? tures and takes them upon mov-
ing out.
4. Suppose that a borrower has a gross month- $280
ly income of $3,000 and wants to qualify for a
conforming loan (total debt service ratio of 36%)
with a monthly PITI payment of $800. What is
the maximum amount of additional long-term
obligations this borrower may have after PITI?
5. A square bedroom measures 10 feet by 10 feet. 100 square feet
What is the area of the room?
6. Which of these is an economic characteristic that situs
makes land a distinctive commodity?*
7. In a fixed-rate mortgage that is fully amortized, predetermined
the total amount of interest to be paid is:
8. Which is exempt from the federal Fair Housing renting a room in a house occu-
Act? pied by the owner
9. The Americans with Disabilities Act applies to:
, NATIONAL REAL ESTATE EXAM PRACTICE TEST
Study online at https://quizlet.com/_8c9227
privately owned or govern-
ment-owned public accommoda-
tions
10. Condemnation is the act of seizing private prop- eminent domain
erty from citizens. What gives the government
the right to do this?
11. The PHYSICAL characteristics of land are that immobile
land is indestructible, non-homogenous, and:
12. Which statement BEST defines the term contin- stipulation that must be satisfied
gency? before the contract can be per-
formed
13. If a borrower is behind on payments, the acceler- call the entire loan balance due
ation clause gives the lender the ability to: immediately
14. A metes and bounds legal description always re- the point of beginning
turns to:
15. What should a license holder do if a client in- advise the client they cannot legal-
structs them to do something that would dis- ly discriminate against certain
criminate against a protected class? groups
16. What is a novation? the substitution of one contract for
another
17. A married couple bought a home ten years ago $50,000
for $400,000. Their neighborhood has rapidly
grown in popularity, and they were able to sell
their home this year for $950,000. How much of
that money will they be required to pay capital
gains tax on?
, NATIONAL REAL ESTATE EXAM PRACTICE TEST
Study online at https://quizlet.com/_8c9227
18. Which element of a valid contract states that the lawful objective
contract cannot require any illegal activities or
outcomes?
19. Deanna wants to sue her real estate agent, but statute of limitations
finds out that she has no legal recourse because
too many years have passed since the offending
incident. What is this an example of?
20. Pedro bought his house for $370,000. The as- $6,887.50
sessed value is $290,000. If the tax rate for Pe-
dro's county is 2.375%, what will he pay in ad
valorem taxes this year?
21. A potentially valid contract in which at least one voidable
party has the option to rescind is described as:
22. When you're talking about mortgages, what is points
another name for an origination fee?
23. Both parties involved in an agency agreement mutual rescission
agree to end the agreement early. What is this
called?
24. What does a standard title insurance policy do?* protects against any defects dis-
covered in the title after closing
25. Which term describes the transfer of property voluntary alienation
from the current owner to another party by sale
or gift?*
26.
